BofA card approved :). 10.99% intrest!!!! :(

[Anonymous]

I am happy and upset at the same time. Before I applied  for this card(BofA MasterCard), I had 2 cards, one 5.99 and one 7.99.

I recieved my BofA card in the mail today and it said after the promo period, the intrest would be 10.99%! My first card back in '88 was just over that.

Do you think if I threatened to not activate the card they would lower me to 7.99%?

Thanks

[score_building]

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@Anonymous wrote:

I am happy and upset at the same time. Before I applied  for this card(BofA MasterCard), I had 2 cards, one 5.99 and one 7.99.

I recieved my BofA card in the mail today and it said after the promo period, the intrest would be 10.99%! My first card back in '88 was just over that.

Do you think if I threatened to not activate the card they would lower me to 7.99%?

Thanks

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why? you have your 5.99 and 7.99 cards in the event you want to carry an occassional balance.  this 10.99 card can be a pifer which it probably should be anyway at least in the beginning in this climate.  apr reductions can always be approved down the road.  if it's a rewards card 10.99 is actually not to bad.  of course apr's are  completely inconsequential when you PIF. 

in any case, CONGRATS and GL!  whether or not you activate the card you already took the hit so you wouldn't be hurting anybody but yourself really especially since you are among the relatively small group to be approved for a good new card in a credit crunch!  to say you won't activate the new card doesn't really offer you too much leverage with boa.

[Anonymous]

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@score_building wrote:

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@Anonymous wrote:

I am happy and upset at the same time. Before I applied  for this card(BofA MasterCard), I had 2 cards, one 5.99 and one 7.99.

I recieved my BofA card in the mail today and it said after the promo period, the intrest would be 10.99%! My first card back in '88 was just over that.

Do you think if I threatened to not activate the card they would lower me to 7.99%?

Thanks

---

why? you have your 5.99 and 7.99 cards in the event you want to carry an occassional balance.  this 10.99 card can be a pifer which it probably should be anyway at least in the beginning in this climate.  apr reductions can always be approved down the road.  if it's a rewards card 10.99 is actually not to bad.  of course apr's are  completely inconsequential when you PIF. 

in any case, CONGRATS and GL!  whether or not you activate the card you already took the hit so you wouldn't be hurting anybody but yourself really especially since you are among the relatively small group to be approved for a good new card in a credit crunch!  to say you won't activate the new card doesn't really offer you too much leverage with boa.

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I was wanting to transfer my chase card(6k limit,2.9k used) to this card for the 0% promo period, then maybe transfer back. This card has no rewards at all, it is just a plain old mastercard.

Thanks for the congrats, in the last few days my Chase limit went from 4.5k to 6k and I was approved for this 4k BofA card.

[Anonymous]

LOL and good job. I guess that goes to show Chase & BofA are sitting on the BIG BUXX now

[marty56]

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@Anonymous wrote:

Do you think if I threatened to not activate the card they would lower me to 7.99%?

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If I was the CSR, I would say no problem, then ratejack you to 24% after you made your first charge.

Take the 10.99% and hope they dont CLD and or ratejack you.

[MojaveMoon]

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@Anonymous wrote:

I am happy and upset at the same time. Before I applied for this card(BofA MasterCard), I had 2 cards, one 5.99 and one 7.99.

I recieved my BofA card in the mail today and it said after the promo period, the intrest would be 10.99%! My first card back in '88 was just over that.

Do you think if I threatened to not activate the card they would lower me to 7.99%?

Thanks

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Unfortunately, activation is just a step that tells the bank that the customer received the card. I've even read a few reports of the card arriving already activated.

As soon as the customer is approved, the account is open and active.

Message Edited by MojaveMoon on 11-21-2008 05:00 PM

[Anonymous]

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@marty56 wrote:

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If I was the CSR, I would say no problem, then ratejack you to 24% after you made your first charge.

Take the 10.99% and hope they dont CLD and or ratejack you.

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24% isn't an option. It is either 7.9,10.9, or 14.9.

I guess I will call and if they say no, screw em!

[TangMeister]

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@Anonymous wrote:

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@marty56 wrote:

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If I was the CSR, I would say no problem, then ratejack you to 24% after you made your first charge.

Take the 10.99% and hope they dont CLD and or ratejack you.

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24% isn't an option. It is either 7.9,10.9, or 14.9.

I guess I will call and if they say no, screw em!

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Those are normal interest rates....nothing to do with what your interest rate would be if they decided to ratejack you because...say....your eyes are blue or something.  24%...maybe 28%?   BoA has some notoriety for ratejacking...balance transfers give them an opening to say you're a risk, so up the rate goes.    Check your terms and see what a default rate might be.  Keep your options open to move a balance to another CC just in case, and good luck.

[Anonymous]

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@TangMeister wrote:

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@Anonymous wrote:

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@marty56 wrote:

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If I was the CSR, I would say no problem, then ratejack you to 24% after you made your first charge.

Take the 10.99% and hope they dont CLD and or ratejack you.

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Those are normal interest rates....nothing to do with what your interest rate would be if they decided to ratejack you because...say....your eyes are blue or something.  24%...maybe 28%?   BoA has some notoriety for ratejacking...balance transfers give them an opening to say you're a risk, so up the rate goes.    Check your terms and see what a default rate might be.  Keep your options open to move a balance to another CC just in case, and good luck.

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The default rate is 28%. However, I have never been late in my life on anything reported to a Credit Bureau.Not even a couple days late, let alone 29+.